Business
Inspired Reports Fourth Quarter And Full Year 2019 Results
NEW YORK, March 11, 2020 /PRNewswire/ -- Fourth Quarter Revenue Increased 116.2% Year-over-Year to $66.4 Million Driven by Growth Across Business Segments and
About this update from Inspired Entertainment, Inc.
[{"type":"text","content":"NEW YORK, March 11, 2020 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nFourth Quarter Revenue Increased 116.2% Year-over-Year to $66.4 Million Driven by Growth Across Business Segments and Acquisition of Novomatic Gaming Technology Group (\"Acquired Businesses\" or \"NTG Acquisition\") Fourth Quarter Adjusted EBITDA1 Increased 69.4% Year-over-Year to $17.7 Million Inspired Fourth Quarter UK LBO Results Continued to Show Steady Improvement in Revenue Trend 116 Valor™ Terminals Sold in North America in the Fourth Quarter with 144 Incremental Valor™ Terminals Sold First Quarter to Date (through March 10, 2020) Total Annualized Cost Synergies for the Acquired Businesses Projected to be $15.0 Million (Versus Prior Projection of $12.3-13.3 Million) by the End of 2020Inspired Entertainment, Inc. (\"Inspired\") (NASDAQ: INSE) today reported unaudited financial results2 for the three-month period and fiscal year ended December 31, 2019.\nSummary of Consolidated Fourth Quarter and Fiscal Year 2019 Financial Results (unaudited)\nQuarter Ended\n Year Ended\nDecember 31,\nChange\nDecember 31,\nChange\n2019\n2018\n(%)\n2019\n2018\n(%)\n(In $ millions, except per share figures)\nGAAP Measures:\nRevenue\n$ 66.4\n$ 30.7\n116.2%\n$ 153.4\n$ 140.7\n9.0%\nNet operating loss\n$ (2.2)\n$ (2.4)\nNM2\n$ (13.1)\n$ (5.3)\nNM2\nNet loss\n$ (12.8)\n$ (4.7)\n NM2\n$ (37.0)\n$ (21.2)\n NM2\nNet loss per share\n$ (0.58)\n$ (0.23)\n NM2\n$ (1.69)\n$ (1.01)\n NM2\nNon-GAAP Measures:\nAdjusted EBITDA1\n$ 17.7\n$ 10.5\n69.4%\n$ 49.0\n$ 54.7\n(10.4)%\n1Reconciliation to US GAAP shown below.\n2Percentage change is not meaningful\n \nFinancial results for three months ended December 31, 2019 as compared to the three months ended December 31, 2018\nTotal Revenue increased 116.2% to $66.4 million, from $30.7 million, on a reported basis3. Adjusted EBITDA1 increased 69.4% to $17.7 million, from $10.5 million, on a reported basis1. Net Revenue4 for the pre-acquisition Inspired business (\"Legacy Inspired Business\") increased 9.2% to $33.6 million and Adjusted EBITDA increased 16.5% to $12.2 million, despite the comparable period not including the reduction in maximum B2 stakes to £2 in the UK LBO market implemented on April 1, 2019 (the \"Triennial Implementation\"). The Acquired Businesses contributed $32.9 million in Revenue and $5.5 million in Adjusted EBITDA. Adjusted...